Tecnoplan files for court protection under German bankruptcy laws

Hanau, Germany -- Tecnoplan GmbH, formally the Dunloplan Manufacturing Plant in Hanau Germany, has filed for court protection under the German bankruptcy laws. The company produces PVC flooring in sheets and tile forms supplying mainly to the institutional market in Germany and exports to customers in Europe, Middle East and South America.

The company was formed by Cree8 Group after they have purchased plant and equipment from Pelmar Engineering Ltd. at the very end of 2004. Cree8 is also the owner of Duracord in Rochdale UK, which recently filed for bankruptcy as well. The receivers for Duracord are Price Waterhouse & Cooper.

According to Jacob Peled of Pelmar, Pelmar Engineering have assumed ownership of the equipment of the Tecnoplan plant with the consent of the shareholders, since only 20 percent of the payments for the machinery has been made by Cree8.

Peled said his company is keen to sell the machinery as part of an on-going concern in Hanau. he can be reached at Mail@pelmar.co.il or by visiting the website at http://WWW.PELMAR.CO.IL